Biofuels Market Size to Surpass US$201.21 Billion by 2030

Demand for biofuels worldwide is set to increase by 28%, or 41 billion liters, during the period 2021-2026. This is because the demand levels rising back to pre-Coid-19 levels accounted for 20% of this increase.

Furthermore, according to the International Energy Agency (IEA), policies of various governments globally have also driven the remaining demand. However, transport fuel demand in general, costs, and particular policy frameworks where growth is happening also decide which fuels witness rapid growth.

All these factors together are increasing the production of biofuel in Asia, allowing it to overtake that of Europe in the period forecast.  Meanwhile, policies in Europe and the US aid in increasing the requirement for renewable diesel to nearly 300%.

On the other hand, significant policy negotiations in countries such as the US, India, China, and the EU, among others, seem to promise that the demand for biofuel will increase by more than 200% by the end of this decade.

Source: iea.org